CEL Token Jumps as SBF Said to Eye Celsius in Buying Spree

FTX CEO Sam Bankman-Fried (Danny Nelson/CoinDesk)

Celsius Network's native token CEL rocketed upward late Tuesday amid reports that FTX's Sam Bankman-Fried could bid on the bankrupt crypto bank's assets.

The token, which had nosedived earlier Tuesday after the surprise departure of Celsius CEO Alex Mashinsky, jumped over 15% off its 24 hour lows following the Bloomberg report. It was trading hands around $1.52 at press time.

The fuel for CEL's late-day rally came courtesy of crypto's spending chief bailout officer, Sam Bankman-Fried, whose FTX exchange has been consolidating power in the crypto industry through whirlwind deals with distressed competitors. Late Monday, FTX won the bidding for Voyager Digital's assets, valued at $1.4 billion; FTX claims it has $1 billion left to spend on acquisitions.

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Danny is CoinDesk's Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.

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